"It is not clear that some sort of enhanced stockholder liability has yet returned to the Overton Window, but it is possible that Americans will point out the hypocrisy of the Biden administration’s raising taxes on the rich with one hand while bailing them out with the other." ~ Robert E. Wright

Four decades of rising markets punctuated by crisis-induced crashes seems to have fostered an unspoken belief that no one should ever get hurt in markets or the economy. Everything "should" always get better for everyone, without any messy loss or pain. Not only is this not realistic, it overlooks the role business-cycle recessions play in restoring the vibrancy of economies and markets distorted by excesses.

Time is Running Out. The UN is out with another fearmongering report on climate change. It's labeled the IPCC Sixth Assessment Report (AR6).

A little over a week ago, when realizing the severity of the banking crisis spreading across the regional bank system (and which was about to jump the Atlantic and destroy one of the world's largest banks in a matter of hours), we said that "Powell is trapped: more hikes and CRE leads to tens of billions of incr. losses across banking system (AFS+HTM); small banks now reserve constrained guaranteeing something "breaks." Meanwhile inflation still hot."